Braemar Hotels & Resorts Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Braemar Hotels & Resorts Inc. on April 7, 2022. The filing serves as a Regulation FD disclosure regarding the declaration of cash dividends for various classes of preferred stock by the Company's Board of Directors.
Key Financial Metrics
The filing does not provide data on revenue, profit, cash flow, operating margins, debt levels, or general liquidity. The only financial metrics disclosed are specific dividend rates and outstanding share counts for preferred stock as of March 31, 2022:
- Series E Redeemable Preferred Stock: 3,191,495 shares outstanding.
- Series M Redeemable Preferred Stock: 62,444 shares outstanding.
Material Changes and Dividend Declarations
The Board declared the following dividends for the second quarter ending June 30, 2022:
- 5.5% Series B Cumulative Convertible Preferred Stock: Quarterly cash dividend of $0.3438 per diluted share. Payable July 15, 2022, to stockholders of record as of June 30, 2022.
- 8.25% Series D Cumulative Preferred Stock: Quarterly cash dividend of $0.5156 per diluted share. Payable July 15, 2022, to stockholders of record as of June 30, 2022.
- Series E Redeemable Preferred Stock: Monthly cash dividend equal to a quarterly rate of $0.50 per share. Payments of $0.1666 per share are scheduled for May 16, June 15, and July 15, 2022.
- Series M Redeemable Preferred Stock: Monthly cash dividend equal to a quarterly rate of $0.5125 per share. Payments of $0.1708 per share are scheduled for May 16, June 15, and July 15, 2022.
Guidance, Outlook, and Risks
The filing text does not provide management commentary, future guidance, outlook, or specific risk factors beyond the standard disclosure that the information is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
Key Facts for Investor Verification
- Verify the record dates for each preferred stock class to ensure eligibility for the declared dividends.
- Confirm the total cash outflow required for the Series E and Series M monthly dividend payments based on the outstanding share counts provided.
- Review the attached press release (Exhibit 99.1) for any additional context regarding the Board's decision-making process.